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Aandeel ArcelorMittal AEX:MT.NL, LU1598757687

  • 23,800 19 apr 2024 15:02
  • 0,000 (0,00%) Dagrange 23,440 - 23,830
  • 954.704 Gem. (3M) 2,4M

Nieuws en info hier plaatsen (deel 4)

35.173 Posts
Pagina: «« 1 ... 1305 1306 1307 1308 1309 ... 1759 »» | Laatste | Omlaag ↓
  1. forum rang 10 voda 15 april 2021 07:16
    Evraz Nizhniy Tagil Contracts Danieli for Bloom Caster Revamping

    Russian JSC Evraz Nizhniy Tagil Iron & Steel Works has awarded Danieli with the order for the upgrade of conticaster CCM 1 at Nizhniy Tagil works, in the Sverdlovsk region. The upgraded 4-strand bloom caster will produce 1.086 million tonnes per year of quality blooms for railway wheels, rails and axle billets for the Russian and international markets. The 12-meter radius continuous casting machine will receive liquid steel from the BOF shop and cast 300x380-mm and 430-mm round sections, which will feed the downstream wheel-tire shop and rail and beam rolling mill, which is being upgraded by Danieli.

    Featuring Danieli FCC, FastCast Cube oscillator with hydraulic drive, Danieli Rotelec mould and final EMS stirrers will ensure the highest bloom quality required by the final product application.

    An advanced Danieli Automation process control system along with L1, L2, OA Operator Assistant and Q3 Intelligence featuring KPI supervision will ensure efficient and reliable plant operation.

    The start up of the new special steel bloom caster is scheduled for 2023.

    Source - Strategic Research Institute
  2. forum rang 10 voda 15 april 2021 07:17
    Aerospace Firms Urge Mr Kwarteng Intervention in Liberty Steel UK

    Sky News reported that industry association ADS representing Britain's biggest aerospace employers, including Rolls-Royce Holdings and Airbus, has urged the UK’s Business Secretary Mr Kwasi Kwarteng highlight its members' reliance on the specialist steels produced by Mr Gupta's UK plants to step into the crisis engulfing the steel tycoon Mr Sanjeev Gupta amid fears of a global shortage of specialist materials. ADS interim chief executive Mr Kevin Craven in a letter sent last week told Mr Kwarteng that the industry had become deeply concerned about the continuity of steel supply required for its members' engineering and manufacturing operations to continue. The ADS plea specifically referred to concerns about production at GFG's facilities in Rotherham and Stocksbridge, which are big suppliers to the aerospace sector. It also highlighted the risk of rising costs and lengthy delays to source equivalent steel products from elsewhere because of issues relating to certification and traceability

    An ADS spokesperson declined to comment on the letter to Mr Kwarteng, but said "We are in discussions with our members over any potential implications to our industries in the event that supplies from Liberty Steel were disrupted. All discussions are commercially confidential. It is in the interest of our industries for a solution to be found that ensures continuity of production at Liberty's steelworks."

    Liberty Steel sites in Rotherham and Stocksbridge in South Yorkshire produce high-strength steel that is resistant to corrosion, making it a key material for jet engines, landing gear and other parts such as the propellers on smaller aircraft.

    Source - Strategic Research Institute
  3. forum rang 10 voda 15 april 2021 07:18
    RINL Privatisation Forces POSCO to look for New Plant Locations

    Business Standard reported that Indian government’s move to divest 100% stake in Rashtriya Ispat Nigam Limited has prompted South Korean steel major Posco to explore new locations for setting up a steel plant. Business Standard quoted a source as saying "Posco has been exploring investment in India like other global steelmakers ArcelorMittal, but it has not made any progress.”

    The South Korean company had planned a joint venture with the RINL. MoU was signed in July 2020 and a joint working group was formed. The POSCO also sought 1,170 acres of Vizag Steel’s surplus land for setting up the plant. Representatives of POSCO have called on Andhra Pradesh Chief Minister Mr YS Jagan Mohan Reddy last week and expressed their willingness to invest in the State. POSCO India group Chairman Managing Director Mr Sung-Lae Chun, Chief Financing Officer Mr Goo Young An, Senior General Manager Mr Jung Le Park and other officers were part of the delegation

    Reports also suggest that Mr YS Jagan Mohan Reddy government in Andhra Pradesh had invited Posco to set up a plant in Krishnapatnam, however, the steel major is yet to take a decision. In early March, Andhra Pradesh government has invited South Korean steel maker POSCO’s Indian subsidiary POSCO India Private Limited to establish a greenfield integrated steel plant at Krishnapatnam in the Nellore district of Andhra Pradesh. Andhra Pradesh Special Chief Secretary (Industries and Investment) Mr R Karikal Valaven in a letter addressed to POSCO India Chairman & Managing Director Mr Sung Lae Chun said that the AP government is keen on having the unit at Krishnapatnam while pointing to the interest expressed by the firm on the location. He wrote “AP government envisages that the steel plant at Krishnapatnam will be an anchor industry in driving the economic activity in the region and the state will support POSCO to the best of its efforts. I would like to extend an invite to the delegation from POSCO headquarters at Seoul to confirm your proposal for setting up an integrated steel plant in the land identified jointly by your team and the Government of AP at Krishnapatnam and for further discussion on other required support under the State Industrial Policy.”

    Source - Strategic Research Institute
  4. forum rang 10 voda 15 april 2021 07:20
    Malaysia Opens Sunset Review on Cold Rolled Coil Imports

    The Star reported that the Malaysian government will initiate an administrative sunset review on the imports of cold rolled coils of alloy and non-alloy steel allegedly originating or exported from China, South Korea and Vietnam. Malaysian Ministry of International Trade and Industry has received a petition from Mycron Steel CRC Sdn Bhd, requesting for an application of administrative review on the anti-dumping duties imposed on the subject merchandise of a thickness of between 0.20mm and 2.60mm and width of between 700mm and 1300mm from the alleged countries.

    Ministry said “The petitioner alleged that imports of the subject merchandise originating or exported from the alleged countries have increased and being dumped in Malaysia at a price much lower than their domestic selling price.”

    The ministry said a final determination on the investigation would be made within 180 days from the date of initiation.

    Source - Strategic Research Institute
  5. forum rang 10 voda 15 april 2021 07:20
    Oxygen Supply Crisis Deepens in Nagpur

    Times of India reported that India’s Union minister Mr Nitin Gadkari has advised Nagpur district collector Mr Ravindra Thakare to seek oxygen supply from the steel plants in the region, which has prompted a team from the district administration to plan visits to such places to conduct a feasibility study and collect technical information. Sources from the district administration stated that Mr Gadkari suggested that the oxygen generation and utilization capacities of steel and iron ore plants in Vidarbha and surrounding places must be explored if it could be used for clinical purposes too. It is learnt that Mr Gadkari himself called up a few industrialists and sought their opinion.

    Nagpur district has so far managed to meet the oxygen demand by sourcing it from Bhilai and by reducing industrial use. Now, the administration wants to create sustainable stock for the coming days as Covid surge seems to spiralling out of control with more than 63,000 active cases on Wednesday.

    Maharashtra task force for Covid has issued guidelines on the rational use of oxygen during the pandemic. It has urged the medical fraternity to postpone routine surgeries and procedures where oxygen is needed. It has also issued instructions to reduce wastage through leakages and also ensure optimum use. The hospitals have been asked for form an oxygen audit committee and also not use high flow nasal oxygen machines.

    Meanwhile, the small & medium steel mills in the area, already facing challenge of retaining workforce, are reported to be running quite low on oxygen supplies, without which their production would come to stand still.

    Source - Strategic Research Institute
  6. forum rang 10 voda 15 april 2021 07:22
    Fincantieri, ArcelorMittal & Paul Wurth to Improve Taranto Plant

    Fincantieri, ArcelorMittal Italia and Paul Wurth Italia have signed a Memorandum of Understanding to consider drawing up a reconversion plan for the existing integrated cycle of the ArcelorMittal Italia’s steel-making plant in Taranto, using eco-friendly technologies.

    Responsibilities to develop the plan will be shared as follows

    1. Paul Wurth Italia, technological leader with a strong plant builder culture, inherited from a historical company as Italimpianti, will take care to verify the technical feasibility of implementing new technologies in the existing plant to improve the environmental impact and define the inputs necessary for the economic feasibility analysis

    2. ArcelorMittal Italia, as the company managing the industrial facility, will be in charge of verifying the production feasibility of the new technologies and their economic, regulatory and legal impact

    3. FINCANTIERI, based on its capability to function as general contractor in the civil engineering, structural, environmental, plant-engineering, electronic and maintenance sectors, will be in charge of verifying the feasibility of the projects, especially in terms of investments, schedule and management costs, with a view to integrating the different project management activities.

    The agreement also aims at identifying innovative projects for reducing emissions, as well as activities for the study and development of new joint business models, such as the production of high-resistance steel for the construction of ships and core infrastructures, in addition to supplying steel.

    ArcelorMittal Italia CEO Ms Lucia Morselli said “We need to be able to improve our companies, make sure they become champion of sustainability, capitalize on those new processes and technologies that represent a driver of growth for the Country with a huge export potential, fuelled by the increasing European and Global demand for those competencies.”

    Source - Strategic Research Institute
  7. forum rang 10 voda 15 april 2021 07:24
    TMK ChelPipe Starts Advanced Gas Cleaning Equipment

    Russian Pipe Metallurgical Company TMK’s Chelyabinsk Pipe-Rolling Plant has implemented the first stage of the project for the implementation and reconstruction of gas cleaning equipment. A new unit was put into operation at the enterprise, which allows cleaning up to six million cubic meters of polluted air annually with a purification factor of 99.9%. The gas cleaning plant of large-diameter plasma cutting machines is equipped with 32 filter membrane elements and cleans the air from suspended particles, dust and gas-air mixtures that have an impact on the environment.

    By the end of 2022, modern gas cleaning equipment will be installed at two more ChTPZ pipe rolling plants. The total investment in the project until 2024 will amount to more than 180 million ruble

    ChTPZ was one of the first industrial enterprises in Chelyabinsk to take the initiative to install and reconstruct gas cleaning equipment for capturing and removing suspended particles, dust and gas-air mixtures. The modernization project is being implemented within the framework of a quadripartite agreement signed by the enterprise with the Ministry of Natural Resources and Environment of the Russian Federation, the Federal Service for Supervision of Natural Resources and the government of the Chelyabinsk Region. This initiative is included in the list of measures of the plan to reduce emissions of pollutants into the atmospheric air of the city of Chelyabinsk, approved in accordance with the federal project "Clean Air".

    Source - Strategic Research Institute
  8. forum rang 10 voda 15 april 2021 14:32
    Herstel staalvraag in 2021 en 2022

    FONDS KOERS VERSCHIL VERSCHIL % BEURS
    ArcelorMittal (NYSE)
    $ 29,65 0,00 0,00 % NYSE
    Bekaert
    36,70 0,36 0,99 % Euronext Brussel

    (ABM FN-Dow Jones) De World Steel Association verwacht dat de vraag naar staal, na een daling afgelopen jaar, in 2021 en 2022 weer zal stijgen. Dit meldde de internationale organisatie van staalproducenten donderdag.

    Worldsteel verwacht dat de vraag naar staal dit jaar zal stijgen met 5,8 procent tot 1.874 miljoen ton, na een daling met 0,2 procent in 2020. In 2022 zal de vraag naar staal verder groeien met nog eens 2,7 procent tot 1.925 miljoen ton.

    De huidige prognoses van de organisatie gaan er vanuit dat de nieuwe coronagolven zich in het lopende tweede kwartaal stabiliseren en dat er gestage vooruitgang zal worden geboekt met het vaccineren tegen het virus, waardoor een geleidelijke terugkeer naar een normaal gebruik van staal in de grootste landen mogelijk wordt.

    Door: ABM Financial News.
    info@abmfn.nl
    Redactie: +31(0)20 26 28 999

    © Copyright ABM Financial News B.V. All rights reserved.
  10. forum rang 10 voda 16 april 2021 10:40
    worldsteel Sees 5.8% YoY Growth in Finished Steel Demand in 2021

    The World Steel Association has released its Short Range Outlook for 2021 and 2022. worldsteel forecasts that steel demand will grow by 5.8% in 2021 to reach 1,874.0 million tonnes, after declining by 0.2% in 2020. In 2022 steel demand will see further growth of 2.7% to reach 1,924.6 million tonnes. worldsteel Economics Committee chairmen Mr Al Remeithi said “Despite the disastrous impact of the pandemic on lives and livelihoods, the global steel industry was fortunate enough to end 2020 with only a minor contraction in steel demand. This was due to a surprisingly robust recovery in China, with growth of 9.1% whereas in the rest of the world steel demand contracted by 10.0%. In the coming years, steel demand will recover firmly, both in the developed and developing economies, supported by pent-up demand and governments’ recovery programmes. However, for most developed economies a return to the pre-pandemic levels of steel demand will take a few years. While it is hoped that the worst of the pandemic is passing, there is still considerable uncertainty for the rest of 2021. The evolution of the virus and progress of vaccinations, withdrawal of supportive fiscal and monetary policies, geopolitics and trade tensions could all affect the recovery envisaged in this forecast. For the future, structural changes in a post-pandemic world will bring about shifts in steel demand shape. The steel industry will see exciting opportunities from rapid developments through digitisation and automation, infrastructure initiatives, reorganisation of urban centres, and energy transformation. All at the same time as the industry is responding to the need to produce low-carbon steel.”

    Region Wise Finished Steel Demand Forecasts 2021

    1. European Union (27) + UK - 154.9 million tonne, 10.2% YoY

    2. Other Europe - 42.3 million tonne, 17.4% YoY

    3. CIS - 60.2 million tonne, 3.4% YoY

    4. USMCA - 122.6 million tonne, 7.6% YoY

    5. Central and South America - 42.7 million tonne, 10.6% YoY

    6. Africa - 38.6 million tonne, 8.3% YoY

    7. Middle East - 48.5 million tonne, 5.4% YoY

    8. Asia and Oceania - 1,364.2 million tonne, 4.7% YoY

    9. World - 1,874.0 million tonne, 5.8% YoY

    Source – worldsteel SRO April 2021

    Top 10 Steel Using Countries Finished Steel Demand Forecasts 2021

    1. China - 1,024.9 million tonne, 3.0% YoY

    2. India - 106.1 million tonne, 19.8% YoY

    3. United States - 86.5 million tonne, 8.1% YoY

    4. Japan - 56.0 million tonne, 6.5% YoY

    5. South Korea - 51.5 million tonne, 5.2% YoY

    6. Russia - 43.8 million tonne, 3.0% YoY

    7., Germany - 34.0 million tonne, 9.3% YoY

    8. Turkey - 35.0 million tonne, 18.7% YoY

    9. Vietnam -24.5 million tonne, 5.0% YoY

    10. Mexico - 23.4 million tonne, 7.5% YoY

    Source – worldsteel SRO April 2021

    The current forecast assumes that the on going second or third waves of infections will stabilise in the second quarter and that steady progress on vaccinations will be made, allowing a gradual return to normality in major steel-using countries.

    Main Steel Using Segments

    1. Construction - Diverging trends among the construction subsectors will emerge from the pandemic. With increased remote working, e-commerce, and reduced business travel, demand for commercial buildings and travel-related facilities will continue to see a downward trend. At the same time, demand for logistics-related facilities to support e-commerce has increased and will continue to be a growth sector. Infrastructure projects have become important and are sometimes the only tool in many countries for economic recovery. They will continue to be a strong driver in emerging economies. In developed economies, green recovery programmes and infrastructure renewal will drive construction demand. Global construction is expected to reach the 2019 level again in 2022.

    2. Automotive - The automotive sector is expected to recover strongly in 2021. The recovery will be driven by pent-up demand, increased use of personal transportation due to safety concerns, and increased household cash savings. The recovery is expected to be particularly strong in the US, where the production level in 2021 will exceed the 2019 level. The global automotive industry is expected to return to the 2019 level in 2022. Despite a faster than expected recovery in demand, the sector is encountering another supply chain bottleneck in early 2021 with a shortage of semiconductors and other parts, which could constrain the recovery potential.

    Source - Strategic Research Institute
  11. forum rang 10 voda 16 april 2021 10:42
    Merger of Ansteel & Benxi Steel in Liaoning Province Likely

    Reuters reported that Liaoning Province based China’s state owned China’s No 4 steel maker Ansteel Group is planning a strategic restructuring of Liaoning Province based state owned China’s No 4 steel maker Benxi Steel Group, known as BenGang. BenGang Group’s listed arm Bengang Steel Plates, informed Shenzhen Stock Exchange that “The restructuring is still at the planning stage and is subject to the approval of related government departments. The restructuring could result in a change to its ownership.”

    Ansteel has an annual steel producing capacity of 39 million tonnes and is owned by China’s state-assets regulator while Ben Gang can produce 20 million tonnes per year and is owned by the local state assets regulator.

    Source - Strategic Research Institute
  12. forum rang 10 voda 16 april 2021 10:42
    Mr Gupta's Alvance Aluminium 3 Units in France Face Bankruptcy

    Agence France Presse, citing company and unions sources, reported that 3 French auto parts factories belonging to Alvance Aluminium, part of the steelmaking GFG Alliance, will file for bankruptcy protection, the first in the steel magnate's Mr Sanjeev Gupta’s empire to seek bankruptcy protection since the collapse last month of Greensill. As per AFP report, the factories set for bankruptcy protection are two foundries at Poitou plus an alloy wheel factory near Chateauroux in France. AFP report quoted Alvance spokesman as saying that “The decision does not include Alvance sites in the French city of Dunkerque, Duffel in Belgium or Lochaber in Scotland, which are all functioning normally, thanks to their strong positions on the market and positive cash flow."

    A union representative said they were informed bankruptcy proceedings should start by the end of the month and would provide time to find a buyer.

    Australian Financial Review had reported that “Alvance Aluminium Group entered voluntarily into reconciliation proceedings supervised by a court-appointed agent. The mediator will try to stave off insolvency by working out arrangements between the French units and their creditor, a process that could last as long as 10 months. The management of those businesses will now work collaboratively with the conciliator and the businesses’ stakeholders to find sustainable solutions for the sites and ensure business continuity.”

    The Alvance factories make car parts and employ almost 1,000 workers between them. GFG acquired them two years ago with a pledge to save jobs, revitalize their operations and make them more environmentally friendly

    Following the collapse of Greensill there has been growing concern about the future of GFG and its Liberty Steel unit, which together employ 35,000 people worldwide. But Mr Gupta ruled out a bailout and factory closures at the start of April, saying his company which generates USD 20 billion in annual revenue is globally profitable.

    Source - Strategic Research Institute
  13. forum rang 10 voda 16 april 2021 10:43
    ArcelorMittal Kryvyi Rih Signs Steel Billion MoU with Ukraine

    Ukraine’s Minister of Economic Development, Trade and Agriculture Mr Ihor Petrashko and ArcelorMittal Kryvyi Rih CEO Mr Mauro Longobardo signed a Memorandum on implementation of new investment projects on 14 April 2021. The company plans to invest about USD 1 billion in new projects for eco-modernization and production development. Steel Billion, a new investment program of ArcelorMittal Kryvyi Rih, will focus on environmental impact reduction, company sustainable development and introduction of circular economy principles: efficient use of resources, recycling and waste utilization.

    ArcelorMittal Kryvyi Rih CEO Mr Mauro Longobardo highlighted that during 15 years of operation in Ukraine, the company has invested over USD 5 billion in production development, and now offers a new program Steel Billion, according to which about USD 1 billion will be invested into eco-modernization. He said “We continue to implement large investment projects and are gradually transforming ArcelorMittal Kryvyi Rih into a modern European production. Steel Billion is our new program for Ukraine. By this program, we will finance green steel-making technologies and de-carbonization projects. This fully complies with ArcelorMittal Group's strategy to become carbon-neutral. Actually, steel already has a lower carbon footprint compared to other materials: no other material has the same recovery and reuse capacities. The initiatives to be confirmed under the Memorandum today are a step forward in Ukraine’s industry. We count on cooperation and comprehensive support of the government on this way”, Mauro Longobardo commented.

    ArcelorMittal Kryvyi Rih produces about 6 million tonnes of steel, over 80% of its products are exported. 29 000 Ukrainians work in the company.

    Source - Strategic Research Institute
  14. forum rang 10 voda 16 april 2021 10:44
    Steel Dynamics Plans to Add 4 Coating Lines in Southern & Midwest

    US steel maker Steel Dynamics Inc has provided a strategic update concerning its ongoing and new flat roll steel growth initiatives. SDI President & Chief Executive Officer Mr Mark D Millett said “Given the success of our Sinton construction team, we are planning to add two additional value-added flat roll coating lines more quickly than originally planned. The site is yet to be determined but it will be located in the Southern US, to provide Sinton with similar diversification and higher-margin product capabilities as our Butler and Columbus Flat Roll Steel divisions. We also plan to construct two more value-added flat roll coating lines to be located in the Midwest US to further increase the diversification and cash generation capability of our Midwest flat roll steel operations.”

    1. Two Southern US Flat Roll Steel Coating Line Investments - The company plans to invest USD 225 million in two new flat roll steel coating lines to be located in the Southern US to support its Sinton Steel Mill that is planned to begin production in late summer 2021. The lines will be comprised of a 300,000-ton flat roll galvanizing line with Galvalume coating capability and a 240,000-ton paint line. Galvalume products represent the fastest growing flat roll steel market in the United States, primarily serving the metal building industry. Site location selection and engineering specifications are underway. The company currently expects the new Southern US coating lines to begin production in the second half of 2022.

    2. Two Midwest US Flat Roll Steel Coating Line Investments - The company also plans to invest between USD 175 million and USD 200 million in two new flat roll steel coating lines to be located in the Midwest to support its regional flat roll steel operations, providing them with more value-added product diversification to serve customer needs and increase through-cycle cash generation. The lines will be comprised of a 300,000-ton flat roll galvanizing line also with Galvalume coating capability and a 240,000-ton paint line. Site location selection and engineering specifications are underway. The company currently expects the new Midwest coating lines to begin production in the second half of 2022.

    Source - Strategic Research Institute
  15. forum rang 10 voda 16 april 2021 10:45
    Russel Metals & Marubeni-Itochu to Merge OCTG & Line Pipe Business

    Russel Metals Inc has entered into an agreement with Marubeni-Itochu Tubulars America Inc, whereby Russel Metals and MITI will combine their respective Canadian OCTG & line pipe businesses. In conjunction with the combination, Russel Metals will receive a substantial portion of its contributed net asset value in cash proceeds, in addition to retaining a 50% equity interest in the combined venture. Currently, Russel Metals operates its Canadian OCTG & line pipe business through its wholly owned subsidiary Triumph Tubular & Supply Ltd and MITI operates its Canadian OCTG & line pipe business through its wholly owned subsidiary Hallmark Tubulars Ltd. The combined business of Triumph and Hallmark will operate under a newly incorporated company, named TriMark Tubulars Ltd.

    Over the past several years, the macro business conditions for the OCTG& line pipe industry have changed substantially as a result of a challenging energy market as well as the disintermediation of distributors by certain direct-to-market manufacturers. As a result, this combination will create a business that has the necessary economies of scale, including a diverse product offering and business platform to efficiently and effectively serve its customers.

    A CAD 175 million committed bank facility for TriMark has been obtained from a syndicate of banks, jointly led by the Royal Bank of Canada and Bank of Montreal. The facility is a 3-year asset based loan with typical borrowing base parameters and financial covenants. The bank facility is non-recourse to Russel Metals and MITI.

    The transaction is subject to customary regulatory and closing conditions and is expected to close in the second or third quarter of 2021.

    Source - Strategic Research Institute
  16. forum rang 10 voda 16 april 2021 10:46
    GFG Alliance Denies Wrongdoings in Covid Loans

    BBC reported that GFG Alliance, while responding to an article in the Financial Times, said it that is confident it acted legally when applying for funds under the UK government's Covid support schemes. GFG Alliance said that it applied for loans to support business activities and preserve jobs in industrial communities in the wake of the Covid pandemic. It said that the company sought approval from authorities and worked with unnamed lawyers on the applications, and was also subject to checks by Greensill’s lawyers and is confident that it abided by all rules that applied to GFG Alliance entities in respect to those loan applications, including rules related to business structure. GFG Alliance also emphasised that although several of its UK businesses had applied for loans backed by the CBIL scheme, only one of them had received any funds, a total of GBP 45.6 million.

    Financial Times report had said that GFG Alliance's main lender, the now collapsed Greensill Capital, was authorised to provide a maximum of GBP 50 million to a single company under the Coronavirus Large Business Interruption Loan Scheme. Citing internal documents, the Financial Times claimed Mr Gupta set up new corporate entities in the UK, with the sole purpose of securing more government loans.

    The Coronavirus Large Business Interruption Loan Scheme was run by the British Business Bank, which accredited private-sector lenders, including the UK’s largest banks and Greensill. The British Business Bank, however, launched an investigation into Greensill and its loans to Gupta before its collapse. The British Business Bank told BBC that Greensill Capital was approved to provide funding through the CLBIL scheme last year and all accredited lenders were subject to audit by the bank to ensure they complied with the rules. If serious non-compliance were to be found, the British Business Bank added, it was entitled to take remedial action, including the withdrawal of loan guarantees. However, it emphasised it would not be appropriate to comment further in Greensill's case, given there is an ongoing investigation.

    Source - Strategic Research Institute
  17. forum rang 10 voda 16 april 2021 10:50
    AP High Court Issues Notice to Central Government in RINL VSP PIL

    A Division Bench of the Andhra Pradesh High Court, comprising of Justices J Bagchi and M Ganga Rao, while hearing public interest litigation filed by retired IPS officer and CBI joint director Mr VV Laxminarayaam, has issued notices to the Central government over the privatization of Rashtriya Ispat Nigam Limited’s Vizag Steel directing to file a counter-petition while keeping the question of maintainability of the writ petition open. The Andhra Pradesh government told the court that it had asked the Center to reconsider the privatization decision. The court adjourned the next hearing for four weeks.

    The court observed that an unwise or unpopular decision ought to be taken up for debate elsewhere and not in a courtroom unless a statutory violation is pointed out and it warrants the court's interference.

    The petitioner’s argument was that the Central government could not take a unilateral decision to divest its stake from a public entity without ensuring compliance with the promise of jobs made to the land oustees, and send them for negotiations with a private party. Appearing for Mr Lakshminarayana, senior counsel B Adinarayana Rao said the court was bound to look into the Central government’s decision since it was affecting the fundamental rights of not only the land oustees but also a large number of others who were employed in the PSU directly and indirectly.

    Source - Strategic Research Institute
  18. forum rang 10 voda 16 april 2021 10:51
    Tata Steel UK Transforming of Corby Steel Tube Plant

    Tata Steel UK is transforming its Corby steel tube making site in the UK’s East Midlands which will give the business the best chance of a strong future. Work has started at the 150 acre site which produces vital products for everything from sports stadium and iconic skyscrapers, such as the Shard in London, to hospital beds and renewable green energy schemes around the world. Workers at the site produce steel tube products from steel made at the company’s Port Talbot works. Now manufacturing processes on the site will be brought closer together as part of the GBP 25 million scheme which is being paid for in part with the sale of land freed up by the changes as well as savings from operational improvements.

    The two-year investment project will see the creation of a single high-tech warehouse, the relocation and upgrading of the important rectangular hollow section processing line and the cold mill. These are where many of the most important products produced by the Corby site are made.

    Sustainability is at the core of the improvements with material from old concrete floors being recycled on site to help create the sub-base for the warehouse. Meanwhile the relocation of the RHS and CFM processes will see improved efficiency and reduced energy consumption.

    The new warehousing system will bring significant advantages to the current system, enabling the Tubes operation to rotate stock much more efficiently and reduce stock losses.

    Source - Strategic Research Institute
  19. forum rang 10 voda 16 april 2021 10:52
    India’s Metal Packaging Industry Seeks Review of Tin Plate QCO

    The 10,000 Crore Metal Packaging Industry of India which has already been in a tight spot as they have hardly any option left to secure raw material as most of the global players and suppliers of Tinplate& Tin free steel have preferred to keep out India from supplying raw material in the wake of imposition of BIS standards which will be effective from 17th April 2021. India’s Metal Container Manufacturers’ Association has urged the government to put on hold the implementation of Steel and steel products Quality Control Order dated 17th July, 2020. The Association has requested the Ministry of Steel to postpone the implementation of the QCO till sufficient quantity of tinplate & tin free steel is produced locally to meet the industries' demand of 700000 tonnes per annum as the industry is already under the pressure due to the second wave of the pandemic with lockdown being implemented in few states will only worsen the situation.

    The Association has also requested the ministry of steel to allow use of equivalent ISO certified materials in addition to BIS certified material. Metal Container Manufacturers’ Association has requested from the Ministry to allow the use of materials which are aligned to ISO. The same has been included in FSSAI order and also recommended by the Ministry of Micro, small & medium enterprises.

    Following representations by the Metal Container Manufacturers’ Association, the government had postponed it till 17 April 2021 but the industry has sought time till March 2022 so that issues affecting survival of metal packaging industry can be discussed again with the Government in order to resolve this issue.

    Metal Container Manufacturers’ Association represents the interests of companies involved in the production of metal containers, packaging and allied components.

    Source - Strategic Research Institute
  20. forum rang 10 voda 16 april 2021 10:52
    UK Lawmakers to Probe Greensill Failure

    Reuters reported that a British parliamentary committee will launch an inquiry into the failure of Greensill Capital and how the finance ministry responded to lobbying efforts which were made on behalf of the firm by former British Prime Minister Mr David Cameron. The committee said "The Committee will focus on the regulatory lessons from the failure of Greensill Capital and the appropriateness of HM Treasury’s response to lobbying in relation to Greensill Capital.”

    According to a Financial Times report, UK’s Chancellor Mr Rishi Sunak and former prime minister Mr David Cameron are set be called to give evidence to parliamentary inquiries into the Greensill Capital scandal.

    UK’s Cabinet Office announced on April 12 that a review is to be launched into the development and use of government-linked lending and supply chain finance programmes within government and especially the role of Mr Lex Greensill and Greensill Capital. UK government’s review follows accusations of cronyism, after it emerged former Prime Minister Mr David Cameron, an advisor at Greensill since 2018, had lobbied current government officials for wider access to Covid-19 support schemes. The review will be undertaken by Mr Nigel Boardman, a former corporate lawyer whose role as non-executive board member for the government’s Department for Business, Energy and Industrial Strategy will be paused during the probe. Mr Boardman is tasked with completing the review by the end of June this year.

    Greensill was involved in multiple public sector financing schemes, including an early payment facility for health workers and a working capital programme for pharmacies. It had also been approved as an accredited lender under the Coronavirus Large Business Interruption Loan Scheme, an emergency scheme that let Greensill provide government-backed finance of up to GBP 50 million to larger firms facing working capital shortages.

    Greensill also formed a partnership with thousands of pharmacies across England in July last year, using artificial intelligence to predict the value of prescriptions filled and provide short-term loans to cover the upfront cost.

    Source - Strategic Research Institute
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